The Leesburg City Commission has approved the proposed annexation of a 717-acre parcel into the city which may see the construction of up to 1,700 new homes.
The plan approved by the commission would also allow for commercial and institutional development.
The property is located north of the Florida Turnpike, south of Dewey Robbins Road and east of U.S. Hwy. 27.
Officials believe the development will contribute significant revenue to city coffers.
The first phase is scheduled to begin construction in 2024. That phase will include 279 villas and 192 single family homes. Phase two of the development is projected to begin in 2026 and will have 370 single family homes and 150 villas. The final residential phase is scheduled for 2028 and will have 555 single family homes.
The commercial parcel is projected to have 137,000 square feet with construction to begin in 2024 and continue through 2030. The developer is NVR, Inc., the fourth largest homebuilder in the United States. NVR constructs homes in 15 states and 35 metropolitan areas.
NVR operates in two business segments: homebuilding and mortgage banking. The homebuilding unit sells and constructs homes under the Ryan Homes, NVHomes and Heartland Homes brands. As a corporate entity, NVR, Inc. provides various support functions for each of its sub-entities. These include sales and marketing support, vital human resource specialists, and an advanced information technology department, which provide a network of resources utilized by NVR, Inc. holdings.